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Bihar Startup Policy aims to support startups by seed funding as well as matching grants to increase their viability. The state government of Bihar provides entrepreneurs with interest-free seed money of Rs 10 lakh for a term of 10 years as part of its startup policy.
Validation Stage:
- The Bihar Startup Policy 2022 provides young entrepreneurs with a startup fund of Rs. 10 lakh that is interest-free for 10 years.
- For women entrepreneurs, the incentives are 5% enhanced. This means they will get Rs 10.5 lakh instead of Rs 10 lakh.
- For SC/ST and differently-abled startup founders, the incentive will be 15% they will receive Rs 11.50 lakh.
- 22% of the total corpus for funding start-ups shall be reserved for SC/ST beneficiaries.
Commercialization Stage:
Early Stage Funding Support
- Free of cost Valuation for Start-ups.
- Facilitate access to Angel Investors.
- A success fee @2% of investment shall be provided to start-ups for mobilizing investments from state registered angel investors towards early stage funding.
- If any startups joins in an accelerator program, it will also get Rs. 3 Lakh for product development and training.
Scale-up Funding Support
- The SMIC may participate in SEBI registered AIFs (Alternate Investment Funds) and Venture Capital Funds. The Venture Capital Fund so created shall invest at least 50% (i.e. equal to twice the contribution made by trust in the VC Fund) in start-ups located in Bihar.
- SMIC shall facilitate listing and public issue of Start-ups in collaboration with National Level Stock Exchanges such as BSE/ NSE.
Zero Cost for filing patents – Domestic and Foreign:
- To encourage the registration of IPRs (Intellectual Property Right) by Start-ups and provide facilitation support for protection and commercialization of IPRs, Government.
- Bear all costs associated towards filing domestic patents.
- Provide additional financial assistance in form of reimbursement for awarded foreign patents towards filing fees.
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Note: This Post was last updated on December 4, 2023
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